Ashiana Housing to develop group housing project in Pune

The project spread over 19 acres, will be developed on a revenue sharing basis. The expected saleable area would be 12.5-15 lakh square feet, the company said in a BSE filingSanu Sandilya | ET Bureau | September 28, 2017, 14:30 IST

NEW DELHI: Delhi-based real estate developer Ashiana Housing has signed a memorandum of understanding with a Pune based developer for development of a group housing project near Hinjwadi in Pune.

The project spread over 19 acres, will be developed on a revenue sharing basis. The expected saleable area would be 12.5-15 lakh square feet, the company said in a BSE filing.

The company plans to launch the project within 12-18 months as various stages of approvals are pending at present, according to Varun Gupta, Director, Ashiana Housing.

"We expect a total revenue of Rs 600-750 crore from the project," he said.

Ashiana Housing reported a consolidated net profit of Rs 4.54 crore in the June quarter this year, compared with a net loss of Rs 3.53 crore in the same period last year. Net sales increased by 301.9% to Rs 73.54 crore in the June quarter.